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Economic Trends

Sputtering Supply Chain Takes Another Hit as China Forces Factories to Close

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Shutdowns in Shenzhen China threaten the supply chain
Shuttered buildings in Shenzhen, China on Monday [Photo: Chinatopix, via Associated Press]

Here we go again! Yet another major blow has been dealt to the supply chain, this time from another round of COVID-19 hitting China, forcing lockdowns in many critical areas of the country – including Shenzhen. You may or may not know that much of the electronics goods manufactured in China come out of the Shenzhen region – so we all have a direct connection to the impact of this development. Add to this, new reports of container costs rising again and transportation disruptions from the Russian invasion of Ukraine. What’s next?

See more on the latest supply chain disruption

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U.S. Economy Grew at Record Pace in 2021

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The U.S. economy showed great positive momentum in 2021 with the gross domestic product (GDP) growing at a record pace, recouping much of the drop in GDP in 2020. In fact, a new report from Axios shows that the current GDP growth trend is now within just 1% of the pre-pandemic trend.

See more on the economic rebound

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New Residential Sales Jump to 9-Month High

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New residential sales data from the U.S. Census Bureau and the Department of Housing and Urban Development show a sharp rise in the sale of newly constructed homes for the month of December. This is the second month in a row when sales of new homes rose as compared to the sales the previous month and are at the highest rate of sales since March – a nine-month high.

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November Residential Housing Starts at Highest Level in Eight Months

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housing starts, new residential home under construction

In a new report on residential housing construction by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development, overall housing starts in the month of November snapped a three-month slide and took their biggest jump since March of this year. Both the overall construction starts and those for single-family dwellings had their best month in the last eight months. This was a surprise…

See more on the surprising housing starts numbers

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Brrrr, There’s a Chill in the Air; Consumer Confidence Hits a 9-Month Low

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While there’s no question that the economy continues to expand, certain indicators are sending chills down economists’ spines – and the latest Consumer Confidence Index is one of those indicators. According to the latest data from The Conference Board (TCB), the Consumer Confidence Index (CCI) declined in November in a sign that consumers’ attitudes about the economy are turning cold.

See more on the November Consumer Confidence Index

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Inflation Impact: November Consumer Sentiment Drops to 10-Year Low

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Logo for Index of consumer sentiment from the University of Michigan

In spite of the fact that the economy is continuing to grow as it powers away from the days of COVID shutdowns, a preliminary November reading of consumer sentiment shows a dramatic drop to a 10-year low, as consumers fret about growing inflation. While economists have long warned that transitory inflation would be a temporary part of our overall economic recovery, consumers are clearly concerned that this inflation may be hanging around for a while and it is already crimping their lifestyle.

Learn what the University of Michigan chief economist had to say about this result

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Majority of All Companies Raised Wages in Q3; Will Do It Again This Quarter

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Photo of happy employees

In a survey by the National Association of Business Economists, a strong majority of all businesses – fully 58% – reported that they raised the wages they paid to employees in the third quarter, as reported by AXIOS. Nearly the same number say they will raise wages yet again in the coming months. While the news has some positive elements, especially for workers (like the smiling employees above), it definitely has some economists worried.

See more on rising employee wages

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September Housing Construction Starts Drop to a 5-Month Low

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housing construction

In new data from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development, residential housing construction starts dropped 1.6% in September as compared to the previous month’s reading. This rate is the lowest level of housing starts in five months. Also concerning, building permits – a leading indicator of future construction – registered a sharp drop, down 7.7% below the previous month.

See more on housing construction starts

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After Strong 2020, Researchers Project Further eCommerce Growth in 2021

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Sonos for sale on Onkyo USA before closing
Sonos for sale on Onkyo USA before it closed

In 2020, the year of COVID-19, there was much death and devastation in the U.S. and around the world. But one business segment soared during the pandemic as a result of local municipalities and states around the country putting their citizens into 24/7 lockdown at home – and that business was eCommerce. With in-person retail stores closed by local government orders, consumers had no option but to shop online to obtain the things they needed.

So what do experts expect will happen to the growth rate for eCommerce in 2021, now that all states have removed most or all of their restrictions and in-person retail stores are all open for business? You might be surprised…

See the latest forecast for eCommerce growth & Total Retail growth in 2021…

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Leaders Heed This Warning: Employees Feel Empowered and Are Quitting

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Did you hear this statistic? Just this past April, a total of 4 million Americans quit their jobs, according to data recently released by the US Labor Department and reported on by the New York Times. Think about that for a moment. That April figure was the largest number of workers quitting their jobs in any one month…ever. Why? Ah…that’s a good question. I’m glad you asked…

See why workers are quitting their jobs in droves…

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